We develop a new measure of impact elasticity: the change in a firm's environmental impact
due to a change in its cost of capital. We find that reducing green firms' financing costs leads …

Climate change has raised the question of how to incentivize green investments by firms
even when the returns to green investments are low relative to emissionintensive …

We study expectations about the trajectory of the energy transition (climate transition beliefs)
as drivers of “green” investment decisions and return expectations. In a survey of US retail …

Using comprehensive auto loan data, we identify a gap in financing terms between Electric
Vehicles (EVs) and non-EVs. EVs, compared to their non-electric counterparts in the same …

The thesis of this essay is that, in heterogeneous agent macroeconomics, the assumption of
rational expectations about equilibrium prices is unrealistic, unnecessarily complicates …

Abnormally warm temperatures are associated with an increase in people's beliefs about
climate change. Using branch-level deposit data from the United States, we find that …

Contrary to the common assertion that households have little impact on stock prices, we find
their relevance is of first order. We quantify their impact using an assetdemand system …

This empirical study introduces the financial distress level obtained from a bankruptcy
prediction model as a new explanatory variable for ESG scores. Applying the nonparametric …

This paper investigates the allocative efficiency of green finance instruments through a
general equilibrium model with heterogeneous firms and financial frictions. We emphasize …

ㅇ This study offers essential insights into environmental economics, highlighting the
importance of integrating firms 'voluntary abatement efforts encouraged by sustainable …